CleanSpark (NASDAQ:CLSK) Trading Up 10.2% – Here’s What Happened

CleanSpark, Inc. (NASDAQ:CLSK)’s share price rose 10.2% on Friday . The company traded as high as $10.43 and last traded at $10.41. Approximately 9,484,027 shares traded hands during trading, a decline of 45% from the average daily volume of 17,268,828 shares. The stock had previously closed at $9.45.

Analysts Set New Price Targets

Several research firms have recently commented on CLSK. Macquarie boosted their price target on CleanSpark from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. raised shares of CleanSpark from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $10.50 to $17.00 in a research report on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and issued a $27.00 price target on shares of CleanSpark in a report on Tuesday, December 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 target price on shares of CleanSpark in a research report on Thursday, October 3rd. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $23.17.

CleanSpark Stock Up 12.9 %

The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of -18.40 and a beta of 4.16. The business’s 50-day moving average is $12.61 and its two-hundred day moving average is $12.74.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CLSK. Geode Capital Management LLC boosted its stake in CleanSpark by 9.8% during the third quarter. Geode Capital Management LLC now owns 6,163,461 shares of the company’s stock worth $57,577,000 after buying an additional 549,187 shares during the period. State Street Corp grew its stake in shares of CleanSpark by 4.5% in the third quarter. State Street Corp now owns 6,073,912 shares of the company’s stock valued at $56,730,000 after buying an additional 261,195 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in CleanSpark by 10.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,194,835 shares of the company’s stock worth $20,500,000 after acquiring an additional 208,862 shares in the last quarter. Van ECK Associates Corp grew its position in CleanSpark by 64.0% in the 3rd quarter. Van ECK Associates Corp now owns 1,590,688 shares of the company’s stock valued at $14,857,000 after acquiring an additional 620,792 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of CleanSpark by 74.6% in the second quarter. Millennium Management LLC now owns 1,251,278 shares of the company’s stock valued at $19,958,000 after purchasing an additional 534,825 shares in the last quarter. Institutional investors and hedge funds own 43.12% of the company’s stock.

CleanSpark Company Profile

CleanSpark, Inc operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc and changed its name to CleanSpark, Inc in November 2016.